Company Regi$trAtion No. 3473879
Charity Commissiou R¢f¢rente No. 1066751
THE TITiiS TRUST
Annual Report and Financial Statements
For the year ended 30 Sept¢mber 2025

THE TITUS TRUST
REPORT AND FINANCIAL STATEMEIYTS 2025
CONTEiYrs
Page
Referenee and •dministrative detsils trustees #nd advisers
Trustc¢s' report
Stst¢meDt of Trust¢￿, responsibS11ti
Independent auditor's report
Statement of finaneial aetiiryti¢J
Bgl&nce sbett
12
ststement of cs5h flows
13
Notes to the aecounts
14

THE TITUS TRUST
REPORT AND FINANCIAL STATEMENTS 2025
REFERENCE AND ADMINISTRATIVE DETAILS, TRUSTEF.S AND ADVISERS
TRUSTEES
Giles Catterniole
Thomas Gamier
Lisa Greatwood
Rebecca Irvine
Rupert Mackay {Chair)
Timothy Malton
Layo ObEmbe
Michael Paterson
P¢ter Woodroffc
SECRETARY
Rosie Dunn
SENIOR STAFF
CAMPGROUP LEADTr RS
Anthony Bewes- Lyminyton Rushmore
Alex Gr¢av¢s- LDN
Peter Gaskell- Gloddaeth
OPERATIONS DIRECTOR
Rosi¢ Dunn
REGISTERED OFFICE
12 Lirnc Tree Mews
2 Lim¢ Walk
Oxford
OX3 7DZ
BANKKRS
SOLICITORS
Nationa] Westminster Bank plc
89 Mount Pleasant Road
Tunbridge Wells
TNI IPX
Moore Barlow LLP
The Oriel
Sydenham Road
Guildford
GUI 3SR
AUDITORS
INVLSTMENT MANAGERS
Rothbone Investment Management Ltd.
8 Finsbury Circus
tA￿dOn EC2M 7AZ
UHY Ross Brook¢
Suite l. Windru5h CourL
Abingdon Business Park.
Abingdon
OX14 ISY

THE TITUS TRUST
TRUSTF.ES' REPORT
The Truste¢s present their annual report and the audited fLnan¢ial slatements for th¢ year endcd 30 September 2025.
STRATEGIC REPORT
STRucfuRE. GOVERNANCE AND MANAGEMENT
The Titus Trust {"The Trust") was incorpoTated on l December 1997 as a comparry limited by guarantee. It is
registered as a charity wilh the Charity Commission and 15 govemed by its memorandum and artlcles of association.
Under UK company law. all the Trustees are directors of the company. The liability of the company's metnbers in the
event of th¢ Trust being wound up is limited io a sum not ex¢ceding £10. In pr¢parin8 this report and financial
ststements. the Trnslees have taken advantage of the Special provisions for small coTnp&nies und¢r Part I S of lh¢
Companies Act 2006.
Trnstees
Individuals are asked to b¢ Trustte¥ on the basis of their understanding and.Wp￿￿ of the 1'rust's wo￿, and ihc skills
and abilities ih¢) would be able to bring to the Trustee body. Prior to joinin8 the Tmstee body, an individual is
PT0vid￿ with d¥lails of hL5 Dr her lgbial re5PVll5ibililie5 a5 d Trustr¢, as well a5 infornial tr4Lining on th¢ VlOTk of Ihe
Trnst. This induction and trainin¥ process És Ove￿¢￿ by the Standing Committcc. Trustees ar¢ required to sign the
Trust's doctrinal basi5 annually to indicate iheir on-going support ofthc core truths of ChristiaThity. Although not a
rquirement of ihe Trust's governing docum¢nts. all the Trustecs are currently non-executive.
The Trustees meet at least four times each y¢ar io review all &spects ofthe Trust's activities, including its finances,
and make planning decisiorhs tor its on-going work. Th¢r¢ is also an annual residential meding in May to give time to
cvnsid¢r more significant issues such a5 the Trust's Vision and Values. In addition, th¢ Standitw Committee meets as
r4uired to consider any issues needing attention between Trllstee Board meetings. The Ex¢¢utiv¢ Committee reports
to the Truslees on recent and pr¢)posed activities of their areas of responsibility at each Trustee5' meeting.
The Finance ¢ommittee meets four times per year prior to the Trustee me¢ting5 to ensure the finances are discussed
in greater depth.
K¢y M#th#g¢m¢nt Persontsel
Ex¢cutive responsibility is delegated by the Tru5t¢¢s to the Bxecutive Committtt comprising th¢ Operations Director
at)d three Team Leaders, each of whom is responsible for ot>¢ of the three camp groups.. Gloddaeth. LyMin￿on
Rushmore and LDN Holiday5.. These individuals comprise the Key ManAgem¢nt Personnd (KMP) of th¢ Trust. The
Trustees set the remuneratiot] of all KMP and other stsff bascd on suitable benchTllatk5 and ih¢5¢ are reviewed
annually. See note 10 for detail5.
M&ll8geThellt of risk
The T￿￿CeS oversee a risk Tnanag¢ment 5y9tem which they use to identify the major risks to which the Trust is
exposed, to assess the piobAbility and impart oFeach major risk and io implemeni a¢iions which mitigate thes¢ risks.
A section of th¢ Risk K¢gister is considered at each trustee meeiillg to ensur¢ it is kept up to date. The Trustee5 are
sat15fi￿ that this system appropriately manages thc Trust's risk exposure.
The Trusts primary activities are lh¢ funding and running of Christian activity holidays for young people. On this
basil ihe Trustees consider that the most signiflcant risks to which the Trnst is exposed rela* to th¢ safety gf the
¢hildren participating in its holidays, its good reputation and its financial stability-
The Trnstees, system of financial risk manage¥nent fO¢￿seS on clear communication with its .$upporters.
¢omprehen5ive insurance cover includi￿g Financial Failure Insurance to give confidenc¢ to those who have booked
holidays and maintaining th¢ Tru5V5 fret Teserves at a level which 8LYes security to ils employees. The minimum
threshold for free reserves 15 Set at the level di￿U$$ed below.
The Trnstees take a range of step¥ to minimise the rLSks to the I'rust's reputstion and to ensure ihe ￿fety of children
participaiing in its holid&ys. An ¢xternal coD5ultanl advises on the holiday activilies programme5 to ensure thai st8ff
and volunteer5 who are organising and supervising holiday activities are properly trained and vetted, that premises
and equipment ar¢ suitable and safc and maintaining an appropriate level of public liability insurance. The Trust
works with thirtyone'.eight, Christian Safeguarding Services and other organisations to eThSu￿ b¢st pra¢ti¢¢ in all
safeguarding rnatlers including receiving policy advice and thc provision of staff and trt￿le¢ ¢rainin8.
The Ttijst had been waiting for the Church of LE)gland'$ Makin Review which flnally publish¢d its r¢port in
NoveTnber 2024 into the abuse of John sM￿h who met a number of his victlln5 on th¢ Iw¢rne camps in the 1980$.
The fjtus Trust took ovcr the running of the Iweme camps Ln 2000 and ¢h¢y w¢r¢ closed down in 2020. The Trust
has cooperated fully with the Makin Review in¢ludin8 providing inforn]ation and tna¢eriais as well &5 providing
infom)ation on the Trnst's wcbsiie about how it had deali with the abuse sinLe they were made aware oFit. The

THE TITUS TRUST
TRUSTEES, REPORT (continlled)
trustees and Ex¢¢utive Committee considered the report in d￿all. They responded with a ststement published on thr
TTUSt's w¢bsite and went through the recommendations of the report implementing¥ them where appropriatr.
ORTECTIVES AND ACTIVITIES
The Titus Trnst 15 ¢Stablish¢d to seek to make ¢b¢ Christian faiih a living and practical issue to young people having
a preseni or past asso¢iation with independent schoo15 in England and Wales. Although narrowly focused, thi5
objective has demonstrated a broad and long terrn impact through the work of many thousands of individua15 who
were inir¢)duced io Christianity through the Trust's Work and have gone on io have an impact on the UK and the wider
world.
The fo¢us of the Trust's work 15 to provide actlVLty holidays for young people at whtch the core truths of th¢
Christian fatih are explored. In addition, the Trust supporfs Christian tcachers in s¢hoDIs as they run Chrisiian meetings
and encourage children to comc on the I'rust's holidays. The TTUSt seeks to be tra￿sparent in its work. and is deli8hted
to have In¢ 5UPPOrt of many parents, church leaders. and a number of senior figur¢5 in UK education.
t￿rIng the y¢8r. we had 845 volunteers who helped as leadcrs on our holidays. Not only do they give up their holiday
tim¢. but n)any also contribute to the work financially, In addition. some of our volunteers also give tslks at schools
when i￿vIted in. It 15 the generosity of these individuals and other support¢rs that enables ihe Trust to employ staff to
run holidays and visit schools when invited io do so. The Tsuste¢s gr¢atly appreciate the contributions made by each
one.
Publ1¢ B¢nefit
Although the TN5t charges fees for it5 holidays, il is very pleased to provide 5ubsidised holidays for many young
p¢opl¢. The Trust provided a benefit ot. this kind in respe¢t of 181 of the places on its cvenls during summer 2025,
amounting to a subsidy totalling £36.932. A significanl number of young people. who r¢¢¢ive very Substantial
butsaries or free places at their schools. benefLt from the subsidised holidays thai th¢ Tru# provides. Furth¢rmor
because our holiday5 are staffcd predominantly by volunteer leaders, even the full price of our holiday5 LS a rnu¢h
lower ¢ost to partnts or gllardian5 than a typical commercial provider.
The Trust¢¢$ believe that the provision of aetivity holidays for childr¢n and youn8 people where they can both cxplore
the beliefs and implications of religion (in our c￿, the Christian faiih) in a gensible, reasonable, thoughtful and
considered way, and enjoy an exciting, challenging and well-supervised holiday is a clear example of advancing
religion for public benefit. Spccific, intangibl¢ benefits which extend to the wider UK c4)mmunity and ovcrseas
include the following..
educating, developing and encoura8ingyoungp¢opleto grow to be malure adults equipped with a religious beli¢f.
motivating and enabling them to exercise responsibility and l¢ad¢rship in all walks of life, including within the
Christian ChU￿h.
providing a place for young people to reflect on the spiritual dimension of life away from the preSsu￿S and
¢omplexities of ¢eenage life which conrinue to increase with serious iJnplication$ for mental health and wellbeing,.
a commitment boih to the Christian community and tts society as a whole, with a clearly defined moral and ethical
code, and a desire to scrve our fellow human beings within 50ciety',
the in¢LJlcation of C.hrisiian rnoral and ethical valu¢s, such as honesty, integrity, resptsnsibility, respect for human
Irfe, service of other pcople. compassion for the needy and und¢r-privilcge¢ car¢ for the environtnent and the
respon%ibility to sharc one's time and rcsourrts gen¢rously-
the focu5 On leadership training with & vicw tts providing POSltive role modelswho will be a constructive influence
and menlors for young people; and in particular thc development of young1¢4ders for the community by means
of training given and practical experience provided during residential holidays.,
the SUp￿rt provided to teachers in thcir l)usy and oft¢n stressful workin8 lives, and the en¢ouragement given to
all teenagers and siudcnts involved in the Trust's activiti¢s ￿ wnsider the 8reit value to the community of th¢
t¢aching prOF￿s1on' and
the encour4gem¢nt 8Lven to those involved in the TNst's activities to ¢onsider full time Christian work their
vocation, with its Commitment to the service of others. care for those rn need and to community participation and
development.
The Trustets confirm that they have complied with the duty in Section 17(5) of the 2011 Charities Act to have du¢
regard to public ben¢fJt guidance publithed by the Charity c.ommission.

THE TITUS TRUST
TRUSTEES, REPORT (continued)
ACHIEVEMENTS AND PERFORMANCE
During the year ¢nded 30 September 2025. th¢ Trust continued to pursue its objectives. Primarily. aim5 were met by
the orgmisation and operdtion of18 5umm¢r holidays for pupils pr¢dominantly from independent schoo15 in England
and Wales. On those holidays, the young peoplc enjoyed a numbcr of adveniurous activitie& plenty of good fun and
received Llear and biblically taithful teaching about the Chrisiian faith. In addition, the Trust rdll a number of Easter
and Christmas conferenccs during which many young peopl¢ heard about JESUS Christ.
The Trust's work is divided into three ¢amp groups.. Gloddaeth (North). Lymington Rushmore (South) and LDN
{London) Holidays. During the year, the Trust employed Staff in All three camp gTOUPS to ensur¢ that its aims wer¢
&¢hieved. Throughout the academic year, th¢s¢ staff spent much of their tirne visiting schools by invitation. When
invi(ed into schools, our stafftook schcx)l assemblie5. gave thlks and PTes¢ntsiions, and helped lead Christian meetings.
We hav¢ seen a greater intere5( and openness to spiritual things amongst teenagers as noÉed in a Tbumber of r¢c¢nt
national reports. This 15 alongside the on8OLng challenges many teenagers face with mtntal h¢aIth, pr¢ssures from
social media and the l¢gacy of arLxicty and isolation from the Covid pandetnic. Feeilba¢k from parents has indiLaied
that attending one of our residential holidays has been particularly important in helping their children grow in
onfid¢nce and we hope that they can Continue lo p18y a part in helping young people to navigate the complexities of
the tccnagc years.
The trustees have kept the Vision and Values of ihe Trust under review andthey continue io b¢ v¢ry helpfitl in $hapiThg
the Trust'5 priorities and havc guided th¢ trn5tee5 in their d¢¢ision-making.
Key Perform•nc¢ IndicAtors
The Trustees meet regularly to hear T¢POrt5 from each of th¢ three Camp groups and to plan the direction of future
a¢tiYilie5 prayerfully. Trusiees receive monthly financial report5 which also include holiday bookin8 figures so th¢y
¢an monitor a¢tiviti¢s during tht year.
Annual figures are set out below.
Holiday And tonferenee gttendaDce
(rampers and assistant Icader5)
Easter holidays
Summer holiday5
Other holidays and wnferenc¢5
2025
2024
275
1,053
290
232
966
272
1.618
1,470
2025
21124
2025
£'ooo
2024
£'oo
398
533
Donations aDaly$is
One-off gifts
StaE)ding orders
47
53
43
57
526
100
100
988
931
FINANCIAL REVIEW
'rhe Trnst's Ststement of Fitwicial Activiti¢s is set out on page I l. This shows a deficit and a net decrease in funds
of £63.576 in the year ended 30 September 2025 (2024= surplus and a net increase in funds of £35,730). A significant
cause of this lar¥e defi¢it is the d¢ci5ion to depreciate the new CRM and holidays bookin8 Portal over 3 years. This
decision was made by ihe FinanGe Committee having Kviewed not for profit nornis.
Totsl fvnds at the end of the year were £659,14912024= £723,525), all of which was llnrestricted. Within ihES, the
G¢neral Fund was increased lo £538,000 (2024.. £405,IK)O) and the designated Growth Fund r¢duc¢d to £121.949
(2024'.£318.5251.

THE TITUS TRUST
TRUSTEES, REPORT (continued)
Investments
Undw the m¢morandurn and arti¢les of association, th¢ Trustees have the power to invest funds that ar¢ not
immediately required for the working PUTPOSCS of the Trust as they think fiL In addition, they have the power to
delegate the exercise of their powers of investment, upon such terins and at such reasotthle remuneration as the
Tn￿lE¢S may think fiL to profG8sional investment manager5.
The Trusl's investments are invested for the medium temi and are currently held in a fund for charities manage(t by
Raihbone Investment Management repr¢5enting 4 l¢v¢l of risk deemed appropriate by th¢ Trustees and reviewed at
least annually.
The Trust beneflts from the income generated by the fund a5 well as from the security of knowing that short-temi
fluctu3tion5 in giving can be sustained without thc need for spending to be reined ba¢k immediat¢ly. The Trust holds
dditional monics in bank awounts earning compeiitive rate5 of int¢Test in order to be able to meet more itnmediate
needs and to ensure that the Trust can cope with the month-to-month t]uctuations in our Èncotne and expenditure.
The Tru5tL¥% r£ii¢w the p¢rformanc¢ r￿￿[arly. to dccidc ii,hLIL Ihe ini"estm¢iitS 5huuld be h¢'ld 80ing foNard.
Reserves
lThe reserve policy states that reseryes should cover 5 months of staff cosis. At 30 September 2025, this equated to a
threshold of £420,00012024: £405,000) based on budgeted staff numbers. At this levEI, the Trustee5 believe they arc
giving appropriate resard to the Trust's employee5 and allowing sufficient time to make necessary contingency plans
in the event ofa 5Kwificant drop in filnding. Th¢ Trustees view thi5 policy as prudentand keep it under regular review.
At 30 September 2025 the Trust's free reserves amowited to £542.091 (2024.. £554.861). This is £122,091 above
12024= £149.861 above} the threshold outlined above.
FUTURE PLANS
The TTU5tecs intend that the Trust should continue with its corc activities in th¢ ¢gming year running a full ransTe of
holidays as well a5 th¢ ongoing work of supw)rting school teachers. There have been some opportunities to work in
partnership with schools outside the independent 5eGtor and this is being reviewed by tru5tee5 as they ¢onsider the
long-terni Vision of the TNst. The plans for a mov¢ toward5 a more regional approach are dev¢loping slowly in order
to bctter SUPFQrt the work ai a local level.
The current climate is challenging for charities with increased cost& greater ￿mplianCe demands and a more
competitive fvndraising environment. The tru5t¢es are considering Strategies for Manag￿n¥ these which includeputting
incr¢as¢d resources into cornpli*mce Isaf¢guarding. HR and finance) and fundraising. The trusttes aTe rvntinuing to
work hard io engage 51JPPOrters with thc work of the l-rust throu8h publicaiions, comrnuniration and ¢v¢nt5 and the
increase in donor income in 202412025 was an encouraging sign ihat this i5 beginning io bear fruit. However, thi5
needs long-iem) investment of stsff and volunÉccr time and th¢ trustees recognis¢ the need to continue to prioriti5¢
thi5.
TRUSTEES AND SECRETARY
The following have acted as Twstees throughout the yur aT¥J to the date of this reporL excepi as not¢d=
Gi1¢5 Cattermole
Thorn&s GaTDier
Lisa Greatwood
Rebecca ITvine
Timothy Malton
Rupert Mackay
Layo Obembt
Mi¢ha¢l Paterson
Peter Woodroffe
(from 26 June 2025)
(to 20 Mar¢h 2025)
{to 20 March 2025)
Rosie Dunn served as T￿￿t Secretary throu8hout the y¢aT.
AUDITORS
UHY Ross Brook¢, having expres5cd their willin8ness io continue in office, will be deemed reapptrinkd ftir the next
financial year in accordance wi¢h s¢ction 487(2) of th¢ Companies A¢t 2006 uTd¢ss the Trust receives notice under
section 488{1) of the Companies Act 2006.

THE TITUS TRUST
TRUSTEES, REPORT (continued)
Th¢ Trustees, report includin8 the Structure, GoYeman¢e and Management R¢port was approved by the Trustees and
signed on thrir behalf.
Rupert Mackay- Chair of Trustees 2210112026

THE TITUS TRUST
STATEMENT OF TRUSTEES, RESPONSIBILITIES
Th¢ Tnjstees, as company directors, are responsible for preparing the Trustces, Report and the financi&l statements in
o¢cordan¢¢ with applicable law and regulations.
Company law requires the Trnstees to prepare financial stateTn¢nts for ¢a¢h financial year in accordance with United
Kingdorn Generally Acceptcd A￿O￿nting Practice {United Kingdo￿ Accounting Standards) and applicable law.
Under company law th¢ Trustees must not approve the finattcial statements unless th¢y are satisfied that ihey give a
true and faiT view of the state of affairs of ihe charity and of the surplus or defi¢it of thc charity for ihai p¢riod. I
pr¢pATin¥ these financial ststements, the dire¢tors arc required to..
select suitable a¢couDting policses and th¢n apply thtJn ronsislently.,
make judgments and accounting estimaies that are ieasunable and prudent.
state whether applicable UK A¢¢ounting Standards have been followed. subject to any material departur¢s
di5rlos¢d and ¢xplained in the financial statements,.
prepar¢ the financial sthi¢ments on the going concern basis unl¢s$ it is inappropriate to Presume that the
charitable company will continue in blls1ne￿.
The Trn5te¢s are responsible for ensuring that adequate accountins records are maintained that are sU￿1¢ient to Show
and explain ihe charity's transaction5 and disclose with reasonable a¢¢urdcy at ally time the financial P05Llion of the
charity and enable them to ensure that the financial sthtrm¢nts COTnply with th¢ Companies Act 2006. They are also
responsible for Safeguarding the osset5 of the ¢harity and ensuring their proper application in accordane¢ with charity
law, and hence for taking reL￿nable steps for the prevention and detection of fraud and other iTregularitics.
So far as the Trnstees are aware. there is no relevant audit information linformation ne£ded by the company's auditors
in connection with preparing iheir report) of whi¢h ihe company's auditors are unaware and each Trustee has tak¢n
all the steps thai h¢lshe ought to hav¢ taken as a Trustee in order to make himselftherself aware of any relevant audit
inCom]ation and to establish that the cornpany's auditors are aware of that inforniation.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
THF. TITUS TRUST
Opinion
We have audit¢d the flnancial siat¢m¢nis of The TitusTTUSt {the'charitablecompany'l for the year ended 30 Semembe
2025 which comprise the Ststetnent of Financial Activiti¢s, the Balance Sheet, Statement of Cash Flows and notes to
the financial statem¢nts, including a sutnmary of significant acwunting policres. The fin&n¢ial reporting framework
that has b¢¢n applied in their preparation is applicable law and United Kingdom Accounting Siandards, in¢luding
Financial Reporting Standard 102 The FiKancial RepottiKg,gtandard applicable Ihe UK and Republic gf Jrelartd
(United Kingdom Generally Accepted Accounting PTactice)-
In our opinion the financial statements=
give atrueand faKrview ofth¢ state ofthe charitsbl¢ ¢ompany's affairs a5 at 30 September2025 and of its incoming
resources and application of re50urc¢s in¢luditkg its income and exper]ditur4 for the year then ended.
have becn properly prepaTrd in a¢cordance with Uniied Kingdom Generally Accepted Accounting PTactice- and
have been prepared in a¢cordan¢e wilh the requiretnents of the Companics Act 2006.
Basi¥ for opinio
We conduLted our audit in accordancc with Ini¢rnational Standards on Auditing (UK) IISAS (UK)) and applicable law.
Our responsibilities under those stsThdards are further described in tht Auditor's responsibilities for the audit of the
financial ststrment5 5CCtion of our report. We are independent of the ¢hJritable company in accord8nc£ with the ¢thical
requirements that ar¢ relevant to our audit of the fsnan¢ial $￿tements in the UK, including the FRC'S F.thical Stsndard.
and we have fvlfilled our othereihical responsibiliiies in accordance with these requirem¢nts. We btlievethatihe audii
eviden¢e we have obtsined is suffici¢nt And appropriatr to provide a ba515 for our opinion.
CollclusioD8 rel*tiDg to going co#eern
In auditin8 the financial statements. we have concluded that th¢ trustees. use of lh¢ going concern basis of a¢¢ountin8
in the p￿Pa￿atIOn of the financial statcments is appropriate.
Based on the work wc have performed, we havenot ideniified any tnat¢rial un¢ertaintie5 relating to events or conditiot)s
thaL individually or coll¢ciiv¢ly. may cast signifi¢ant doubt on Ihe ¢haritable cornpany's ability to continue as a going
¢oncem for a period of al least twelve n]onths from when the financial statements ar¢ authorised for issue.
Our responsibilities and the responsibilities of the trust¢e5 with respect to going concern are de￿ribed in the relevant
sections of ihis report.
Otber iDformation
The trust¢￿ are restK>nsible for the other informatiot). Thc other infomlation comprises the infOrn￿tion included in the
tru5tees' annual report. other than the financial ststements and our auditor s report th¢reon. Ouropinion on the financiaj
statements does not cover the other information and, ¢x¢eptlo the ex￿nI otherwise explicitly stated in our report, we
do not ¢xpress any fomi of assurance conclusion thereon.
Our r£s￿nsIbl]ity is to read th¢ other infomiation and, in doing so, considerwhether thc oiher informaiion is materially
inconsistent with the f￿ancial stsiements or our knowledgc obtained in ihe course of the audii or otherwise appears to
be rnaterially tnisstated. Ifw¢ identify such rnaterial inconsistencies orapparentmaterial misstatcrnent5. w¢ are requir¢d
to d¢t¢rmine whether this give5 rise to a material misllatemcnt in the finan¢ial SLqtements themselves. If, based on the
work we hav¢ perfornjed, wt conclude that there is a matffial misstat¢ment of this other information. we are required
to report that fact.
We have nothing to report in this regard.
OpinioDS 011 Other matters preseribed by the Compatties Act 2006
In our opinion. based on the work undertaken in the course of the audit:
the infonnation given in th¢ tru5tees' report {incorporating the directors, report) for the financi￿ year for whi¢h
the financial statements are prepared is consistent with the f￿anCIal statements,. and

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
THE TITUS TRUST
the directors, report has be¢n prepared in a¢¢ordance with appli¢able lesal requirements.
Matters on wbich we *r¢ r¢qulred to report by exception
In the light of the knoWI￿ge and undcr5tanding of the ¢haritablc colnpany and its enviTonm¢nt obtain¢d in the course
of th¢ audit, we have not identified tnaterial misststements in ihe truste¢s' report included within the tn￿le£S. annual
report.
We have nothing to report in respect of th¢ following matters where the Companies Act 2006 requires us to rcport to
you if, in our opinion..
adequate a¢countin8 fLYords have not been kepL or reiums adequate for ouraudit have not been re¢¢ived from
bran¢he% not visited by us. or
the financial ￿atements are not in agreement with the accouniing r¢¢ords and retutns. or
certain disclosures of trustecs. remuneration specified by law are not rnade. or
we have not rcceived all the information and explanations we require for our audit,.
the tmsi¢es were not entitled to prepare the financial staÈements in accordance with th¢ smo11 companies
tegime and take advantage of the small companie5, exempiion in prcparing the tnJst¢es' annual report and
take advantagc of the small ccmpanies cxemption from the rquiretneni io prepare a strategic teport
Responsibilities of trustees
As explaincd more ￿llY in the trustees. responsibilitie5 5tatEm¢n¢ set out on pag¢ 7, the trustees (who are also thc
directors ofth¢ charitable company for the PUTPOS¢S of¢ompany law) arc rcsponsibl¢ forthe preparation of the f￿anCIal
statements and for being satisfied that they giv¢ a true and fair view, and for such iniernal control a5 the trnst¢es
d¢terniine is necessary to enabl¢ the prepardtion of financial ststemertts that are fr¢¢ frotn tnatrrial misststemenl
whether du¢ to fraud or error.
In prcparing the financial statements, the trusttts are responsible for ￿￿SSIng the charitsble eompany's ability to
¢ontinu¢ as a going concern, disc105ing. a5 applicable, mattcr5 related to going concem and usin8 Ihe going ¢on¢¢rn
basis of accounting unless the trust¢es eith¢r intend to liquidate the Gharitabl¢ company or lo cease operations, or have
no realistic alternative but to do so.
Audilor'$ respon$ibilitie5 for tbe 8udi* of the financial st8trmertts
Our objectives ar¢ to obtain ￿asonable 8s5ufdnce about ivhether the fjnancial statement5 as a whole are free from
material misstatemenL wheiher due io fraud or error, and to issue an auditor's report that includes our opinion.
Reasot)able a55uran¢e is a high level of assurance. but 1$ not a guarantcc that an audit conducted in accordance with
ISAS (UK) will always detect a material misstat¢ment when it exists. Misstatements can arise from frdud or eTTor and
are ¢onsidered material if, individually or in thc aggregate, they Could reasonably be expe¢t¢d to influence the economic
decisions of users taken on th¢ basis of these financial statcments.
1￿c8u1arlt1e$. including fraud, ar¢ instsnces of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlind abov¢, to detect Tnaterial miss¢aiement5 in rEspect of irregularities. including
fraud. The spe¢tfic proccdure5 for this ¢ngagem¢nt and ¢h¢ extenl to which these arc capable of dete¢ting irregularities,
including fraud is detailed b¢low=
We have consider¢d..
o the nature of the charity and Sector, control environment and operating perfomiance.
th¢ ¢lwity's own assessment, including assessments made by key managetnent. of the risks that
irregulaTjties may occur either as a result of fraud or error.,
any matters we iderttified having reviewed the ¢harity's policies and procedures relati¥Lg 10..
identifying, evaluating and complying with laws and regulation5 wh¢ther they were
aware of any instances of non-compliaD¢e-
dete¢iing and responding io the risks of Iraud and whether thcy have knowledge of any
actual. 5￿peckd or alleged frdud; and
the internal controls eslabli5h¢d to mitigate Ti8ks of fraud or non-compliance with laws and
regulations.
the matters discussed amongst thc audit cngag¢ment leam.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
THE TITUS TRUST
As a result of lh￿tt procedures. Trwe considered the opportunities and inceniiv¢s that may exist within th¢ organisation
for fraud and identified the greatesl poteniial for fraud irl the areas in which manag¢m¢nt is required to exercise
signifi¢ant judgeTnent. such &s recognition c)f income. In Common with all audits uThd¢r ISAS (UK), we are also required
to perfoTlll specific procedures to respond to the risk of managemeni override.
We a150 obtained an understsnding of the legal and regulatory framework that the company operdtes in. focusing on
provisions of those laws and regulations that had a direct effect on the dcterrnination of material amounts and
disclosures in the finawial stattments. The key laws and regulations we considered in this coni&x¢ were the Companies
Act and tax legislation.
Because of ihe inhereni litnitations of an audit. theTC is a risk that we will not deteet all irregularities, including ihose
leading 10 a material misstatement in the financial statemenL$ or non-complian¢¢ with regulation. This risk increase5
the more thr4t compliance with a law or regulation is removcd from th¢ events and tran5aciions reflected in the flnancial
Statements, as we will be Icss likel5, to become awar¢ of instances of non-cornpliance. The risk is also greater regarding
irregulariti&% occurring due to fraud rath¢r than error, as fraud iTrvolves inientional concealTnent, forBery, collusion.
OTll155ion or mi5representaiii)n.
A further d¢s¢ription of our responsibiliii¢S is available on th¢ Financial R¢ponin8 Council's website 8t:
htt
rrc.
.uklaudi
. Thi5 deSCTipuon fornis part of our auditor'5 report.
Use of our report
This report is rnade solely to thc charitable company's members, a5 a body. in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been undertaken so that we might state lo the charitablc Gompany's
members those matters we are required to state ro them in an auditor's report and for no other purpose. To the fullest
extent perniitted by law. we do not a￿ept or assume responsibility to anyone other than the Charitrble company and
the charitabl¢ colnpany's member5 as a body, for our audit work, for this repor¢ or for the opinion5 we hav¢ formed.
arolinc Webster FCA (Senior Statutory Auditor)
for and OD bchalf of UHY Ross Brooke. StatuiQry Auditor
Suit¢
Windwsh Cowt,
Abingdon Bu5ine55 Park,
Abingdon
OX14 ISY
10

THF. TITUS TRUST
STATEMENT OF FINANCIAL ACTIVITIES
Year ended 30 Septemb¢r 2025
Notes
2025
21124
Income from:
Donation5 and lega¢ies
Charitable activiti¢s
Investments
Other income
1,016.927
638.351
17.654
2.897
1,675.829
989.191
630,056
14,576
Totsl iM¢om¢
1,633,823
Expenditure on".
Raising funds
Charitable &ctiviti¢s
Total expenditure
(149)59)
(1,619,513}
(1.768,872)
(117,6641
(1,518,239)
(1,635,903)
IY¢t (losses) I g8lns on iDve5tments
13
29,467
37,810
Net incom¢ l (expenditure)
N¢1 movement in fullds
(63,576)
(63,576)
35.730
35,730
Rteoncili8tion ofrunds:
Total fijnds brought forwards
Tot81 fuDd$ earri¢d forward
723,525
659,949
687,795
723,525
Total r¢¢ogni8ed gaills and losses
There We￿ no recognised gains and l(Trsses for these y¢8r5, except as Shown above.
COntin￿]llg operations
All amounts shown above relate lo contit)uing ￿tiVitIes.
All incotlle and expenditure relate to unrtstricted funds

THE TITUS TRUST
Company Registrntion No. 3473879
BALANCE SHEET
Year ended 30 September 2025
r4ot¢
2025
2024
FIXFD ASSETS
Intangiblt assets
Tangible Assets
Investmcnts
13.253
4.605
519,914
637.772
160,094
8,570
465.447
634,111
12
13
CURRENf ASSETS
Debiors
Cash at bank
14
72,706
139.927
212,633
80,395
198,091
278,486
CREDITORS: Amounts fallin8 due
within one year
15
(190.456)
(189.072)
NET CURRENT ASSETS
22.177
89,414
NET ASSETS
659,949
723.525
FUNDS
INCOME FUNDS
Unrestricted In¢om¢ funds
18
659,949
723,525
TOTAL If4COME FUNDS
659,949
723,525
The notes on pag¢5 14-23 fomi part of these financi￿StAteMents.
In preparing these financial statements, th¢ Trustees have tgk¢n adYantsuFe of ihe 5pecia] provisions for small
companies under Part 15 of the Companies Act 2006.
These finan¢ial statements w¢r¢ approved by th¢ Truslees on 22 January 2026.
st￿ed on behalf of the Trustees
Rupert Mackay - Chair of Trustees
12

THE TITUS TRUST
STATEMENT OF CASH FLOWS
Year ended 30 September 2025
Notes
2025
2024
Cash used in operdting adivities
20
(18,875)
156,781
C&sh flows fr¢)m investing a¢tiviti¢S
Dividends and interest from invvstments
Pniceed5 frorn thie sale of fix&1 assets
Purchase of fixed a55eis
Proceeds from the sale of investTnertts
Purchase of investments
17,654
{2.3031
129,640)
25,000
150,000)
14,576
(101,660)
90,000
Cash provided by investing activities
(392891
2,916
IncrEa5e l (D¢crease) in cash and cash equivalents in the year
(58,161)
159.697
Cash and cash Wllivalcnts at the beginning of the year
198.091
38,394
Total cash and cash equivalents at the end of the year
21
139,927
198,091
13

THE TITUS TRUST
NOTES TO THE ACCOUNTS
Year ¢nded 30 September 2025
Accouf4TING POLICIES
Thc ￿￿Unts (finoncial stat¢ments} have been prepared under the his1￿]Cal ￿5t convention with iiem$
recogni5ed ut cost or transaction value except for certain investmenl a$s¢ts, which are shown at market value
as set our below, and in a¢cordance with th¢ Financial R¢porting Standard applicable in the UK and Republic
of Ireland {FRS102) ('TrKS102'), Statement of R¢¢ommended Practice: Accounting and R¢portiD8 by Charities
(Revised 2019) applicable to charities prcparing their accounts in awirdance with FRS102 ('Charities SORP
(FRSI 021,1, the Charities Aci 2011, and the Companies A¢1 2006. Wher¢ ne¢¢ssary the headings laid down
in the Companies Act have been adopted to mcei the special circumslAnc¢s of the Trust.
Cornpgny stgtvs
The T￿st 15 a regisrered charity and a Company limited by guaraniee registered in EnglaTKI and Wales. In the
event of the charitable company being wound up, the liability in respect of the guarantee is limited to £10 per
Me￿Lber of the charitablt company.
Going ConcerD
The financial statement5 have been prcpared on the going concern basis. The Trustees have assessed the going
concern po511ion arld have no reason to believe that there is a material uncertainly ihai would affect the ability
of ihe organisation to continue as a going concem for the fore5erabl¢ fuiure. The Tmstees consider the
foreseeable future to be At lea5¢ 12 months from the date that the financial statements are signed. The Trustees
have been in regular communication with its donor base, which has continued to show tb¢ir support through
their generous gifis and a substantial legacy during the year. which materially boosted the Trust'5 financial
reserves.
Asthe TruS1￿$8pProVeth¢ accounts, the world continues to face many uncertainties as a resultof.. the ongoing
falloui in the afternjaih of the pandeTniC", the Ukraint war. economic instability. The Trustees re¢ognise the
ongoing irnpact this may hY4veon ouropttations and financcs, aThd have Carried out detailed work on modelling
differeni sc¢nari05 and appr(Ipriale responses. The TnJ5t¢e9 beli¢ve that should incom¢ frotn donations and
camp f¢es be afttdEd goin8 forward. ¢OTTes￿ndIng adjustments to Costs Can b¢ made which will ¢nable the
charity to r(Trntinue as a going concern.
Donations
Donations received ate credited lo incoming resources on r¢¢eipt by the Trust. Gifts received under th¢ Gift
Aid scheme are credited to incoming resources. together with the appropriat¢ tax recovtrable.
IDvestment itttome and interest receivable
In¢om¢ from it]vestm¢nt5 and deposit interest is included in the ststem¢nt of financial a¢iiviti¢s when it
becotnes ￿e1vable. Investment income is in¢ludd gross of re¢overable t&xation.
IDCOm¢ from charitable xctivities
HolidAy and ¢onference in¢om¢ is recognised in the period in which the relevant holiday or conference takes
pla¢¢. IncoTne received in advance Is recorded wKthin creditors.
Expendxture
Expenditure 15 inGluded in the statemeni of financial activities on the accruals bashs and includes irr¢coverable
VAT. Costs of g¢nera(ing funds ar¢ those incurted in altracting voluntsry income and include allocated 5UPPOrt
costs. Costs of operation of holiday camps comprise costs associated wilh the running of the holiday camps
and include both direct costs and allocated support Costs. Gov¢rnance costs in¢lud¢ those incurred in th¢
govemance of the Trust's &ssets and are primarily associated with constitilliODal and statutory requirements.
Support fgsts include central fijnctions and have been allocat￿ io aciivity cost categories on a ba5i5 consistent
with the use of resources (e.g. staff costs by time spent) or by manageTneni estimales of the amount attributable
to a particular activity.
l-angiblc fixed Assets depreciation
Tangible fjxed asscts costing more than a de minimis amount of £250 are capitalised upon initial acquisition
and are held in the balance sheet at cos¢ less d¢precialion.
Depreciation is provided at the followin8 rates in order to write off the Losts of tangible fixed asscts over their
expected useful lives..
14

THE TITUS TRUST
NOTES TO THE ACCOUNTS
Year ended 30 S¢ptember 2025
Camps, aGtivity equipment
Office equipment
7°h- 500/0 on cost
200/y- 33.3 /ty on cost
IDt8ngible fixed assets And arnorti$a¢io
Inongiblc fixed assets (primarily COTJSiSting of capitalised 50fiwar¢ developmeni costs) are capitalised upon
initial acqui51tion and are held in the balance sheet at cost less d¢pr¢ciation.
Durin8 the year the charity assessed the useful e¢onomi¢ Itfe of the intangible assets. The twst¢¢s now belicve
that a 3 year lifespan would be rnore appropriate and in line with industry norms.
Finan¢isl instrumen¢$
The Tn￿t only has fjnancial assets and financial liabilitlES of a kind that qualify Ls basic financial instrnm¢nts.
Basic finan¢ial instruments are Initially recognised at Iransaction valu¢ (includin8 transartion costs except in
the initial measur¢ment of financial assets and liabilities that are measured at fair value through profit or loss)
and subsequently measured at amortised cost using the effcctive interest method. Invesiments though cl&s5ified
as basic financial insiruments, are measured at fair value through profit or loss.
IDvestments
As notcd above, assets held for inv¢stm¢nt purposes are classified as basic fjnancial instruments. They are
valucd at market value at th¢ balance sheet date, with nel 8ain5 and I0￿eS arising on revaluations and di5posal$
durtn8 the year in¢lud¢d in the statement orrinancial activities.
Debtor5
Debtors are r¢w8nised at the settlement amount. Prepayment5 are valud at the amount prepaid net of any
dis¢oun¢s due.
C•$h at bank
Cash at bank includes cash and short term highly liquid investments wiih a short maturity of thr¢¢ months or
less from the date of acquisition or opening of the dep05lt or similar account.
Liabilities
Liabilities are re¢ognis¢d when th¢r¢ is an obllgaiion at the balance sheet date a5 a result of a past evenl it is
probable that a transfer of ¥xonomic benefit WLII be required in setilement, and thc amount of the settIement
¢8n b¢ estimated reliably. Liabilities are reco8nised at the amount that the charitabl¢ company anti¢ipat¢s il
will pay to settle the debi.
Pen$lons
The Tr￿fjt operates a defined contribution pension scheme. Contributions payable for ¢he year are charged in
the statement Of financial activiiies. The Trust also makes P&yTlltnts on behalf of certain employees to other
occupational and personal p¢nsion schemes.
DONATIOPIS AND LEC.ACIES
2025
2024
Donations
1.000,755
16.172
930,558
58.633
989,191
Legacies
1.016.927
15

THE TITUS TRUST
NOTES TO THE ACCOUNTS
Year ended 30 September 2025
INCOME FROM CHARvfABLE ACTIVNIES
2025
21124
Operation •f holiday eimps
Campers, fees
Assistant Leaders, fees
567,165
55.795
15,391
638,351
554,892
59,675
15,489
630,056
Other income
INVESTMENT INCOME
2025
2024
Dividends
Bartk deposit interes1
15.876
1,778
17,654
11.660
2,916
14,576
OTHER TNCOML
2025
2024
Grant income
Profil on salc of fixed assets
2.897
2,897
EXPENDITURE 0￿, RAISING FUNDS
2025
2024
Cost5 of gen¢ratiri8 voluniary income (see not¢ 8)
Investtnent management fees
149.359
117.664
149.359
117,664
16

THE TITUS TRUST
NOTES TO THE ACCOUNTS
Year ended 30 September 2025
EXPENDITURE ON CHARITABLE ACTIVITIES
2025
2024
Costs of operstiox of holiday tamps:
Camp groups stsff salarie5 and pension costs
Camp groups life assurance and pernianeni health
Staff expenses
Rent and uiilities
Food
Acliwilies. including activities legal Costs
Insurance
Other direct C05ts of holidays
Publiciiy. printing, consumables artd postage
Camp group office Imd admin costs
D¢pr¢¢iation
Loss on disposal of fixed &%sets
Governance costs (see note 8)
650.783
12.992
28,596
329,001
162.376
94.138
44,757
37.514
13,771
24.858
4,165
615.854
13.174
27,047
332,216
153,819
101,606
37.561
29.797
13,003
24.800
5.678
177
39,482
28,249
1,442,433
177,080
1,382,981
135,258
Support cosis (s¢¢ note 8)
Toial charitable a¢tivitie5
1,619,513
,518,239
17

THE TITUS TRUST
NOTES TO THE ACCOUNTS
Year ended 30 September 2025
SUPPORT COSTS
C(Yb15 or
.05tg of
op¢ratioTr
of holtd&v
tamps
vuluthi*ry
Goi'ern#rt¢t
Costs
21125
Totsl
2th24
TDtal
Officc 5t8ff Sal￿ and I￿nsIon
C051s
Offjce stalTlife thssurdllce '
39.030
61,334
110,315
303
1.668
3.032
3.001
12,947
89,057
398
Publiciiy and promDlion
Oftice c05t5
In%urantt (indemnity & legal
expenses)
External audit
O¢h¢r professional fees and
admini.4trative wst5 #
TDJst¢e ¢xpensc5
D¢pr¢Biaii(>n (sec 111121.
10.674
27.953
10.674
7.986
43,924
79.863
7,100
24.960
7.100
71,315
6.720
17,829
28.526
41,695
6,734
7,569
65,804
6.734
75,687
365.921
26.490
123,037
41,628
177,080
13.227
281,171
Goveman¢¢ ws1S
26.322
165,804)
39.482
149.359
216.562
365.921
281,171
These iterns are allocated betw¢en Cost of g¢Derating volun¢ary income, goyernattte costs and costs of
operation of holiday Camps in the proportion 3501￿ IWO and 55U/o.
Profe55ional f¢es include legal, PR and fundraising support. along with counselling support providcd through
Titus Trust Support Fund administered by thirtyone'.eight. In addition in 2025. thcsc costs include afundraising
consultant. These ¢osts have been allocated between cost of generating voluntary income, governance costs
and costs of operation of holiday camps in the proportiot) 250/0. 35V& and 4￿/.
L¥FT INCOMEIEXPEtWlTURE
is stated after Charging:
2025
2024
D¢preciation
Operating lease renta]s'.
Land & buildings
Auditors remunerntion..
Audit
79,852
18.905
36,(KlO
36,000
7.100
6,720

THE TITUS TRUST
NOTES TO THE ACCOUNTS
Year ended 30 September 2025
10. STAFF COSTS AND f4UMBERS
2025
21)24
Wagcs
Social security costs
PensioN conlributions
624,510
56.850
80,939
762.299
595,994
50,540
79,634
726,168
No employee Teceivcd emoluments in excess of £60.000 in either the current or prior year.
The Trust defines'Key Management PersonD¢I' {'KMP'} as the three Camp Group Leaders and the Opera¢ion$
Dircctor. Th¢ pay and bellefiis of KMP 15 reviewed ijnnually by the Board of Trustce5. In ihe year ended 30
piemb¢r 2025 this group received r¢muneration of £234.22512024.. £241,934).
The average number of full time equiyalent employees, analy5ed by fvnction, was..
21125
No.
2024
Holiday camps
Mallagement and admirtistyation
15.5
13.3
17.3
15
The Trust opeTatC5 a d¢fin¢d contribution pension 5chtme and th¢ charge for the year is shown above ￿ part
of pension Costs. The Trust also mak¢s paynLents on behalf of cerlyiin employees to other OG¢upational and
personal p¢Thsion scheTnes.
None of ihe Trustee5 received any remuDeratitsn during the year (2024.. nil). However, s¢¢ note 17 in respeci
of other related party transactions.
19

THE TJTUS TRUST
NOTES TO THE ACCOUNTS
Year end¢d 30 Septemb¢r 2025
TANGIBLE FIXED ASSETS
Software
Totgl
COST
At l October 2024
Additions
Disposa15
At SO September 2025
172.797
28,663
172.797
28,663
201.460
201460
DEPRECIATION
Ai l October 2024
Charge for th¢ year
Disposals
At 30 September 2025
12.703
75,504
12.703
75,504
88.207
88,207
NET BOOK VALUE
At 30 September 2025
At 30 September 2024
113,253
160094
113,253
160094
Camps. Equipmettt is used dire￿lY in the operation of holiday camps and O￿lce equipment is used for supporL
12. TANGIBLL FIXED ASSETS
OffKe
Equipmertt
C8mp5'
Equipment
Totgl
COST
At l Octob¢r 2024
Additions
Disposals
At 30 Septemb¢r 2025
34,222
459
162.951
518
35,369
128,100
197,173
977
35,369
162,781
34,681
DEPRECIATION
At l Octoiw 2024
Charg¢ for the year
Disposals
At 30 Septemb¢r 2025
34,035
183
154,568
4,165
{34,775
123 955
188.603
4,348
34.775
158.176
NET BOOK VALUE
At 30 S¢ptember 2025
AL 30 September 2024
187
8,383
Camps, Equipm¢nt 1$ used dire¢tly in the operation of holiday camps and otyice equipment is used for supporL
20

THE TITUS TRUST
NOTES TO THE ACCOUNTS
Year ended 30 September 2025
13. INVESTMENTS
21125
2024
Market value
Ai stsrt of the year
Additions at cost
Disposal proceeds
Realised gaills on disposal
Unrealis¢d gain5 markct vomes
Ai end Of the y¢ar
465,447
50.000
125,0001
517,637
(90,1)00)
29,467
519,914
37,810
465,447
Raihbones Activ¢ Income and Growth Fund
519,914
519.914
465,447
465.447
Historical cost at ¢nd of the year
460,000
435,000
14. DEBTORS
2025
2024
Stsff loan5
IDcorne tax r¢¢overable
Other debiors
Prepaym¢nt5
2,019
11.592
47,570
11.525
72,706
6,279
44,100
16,71)0
13,316
80,395
15. CREDITORS: AMOUNTS FALLING DVE WITHIN of4E YEAR
2025
2024
Social s¢¢urily and other taxes
Other ¢r¢ditors
Accruals and deferred income
14,769
60.143
115,544
190,456
12,238
98,167
78.667
l R9,072
16. FINANCIAL COMMITMENTS
At the year end thc Trltsi had total commitments under non-unoellable operating leas¢s as showryj below. All
relAte to office Tcntal..
2025
2024
Wiihin l year
Within 2 to 5 yea
After mor¢ than 5 years
36,000
18,000
36.000
54,OLKI
54,0(Ml
90,000
21

THE TITUS TRUST
NOTES TO THE ACCOUNTS
Year ended 30 September 2025
17. RELATED PARTY TRANSACTJONS
DuriJ)g the year ended 30 Septefftber 2024. Trust¢es land th¢ir related panies) donared £30,161 10 the Twst
(2024.. £15,205}.
Six trustees received reimbursement of ¢xp¢n$es during the year totalling £1.26112024.. Two Trustees received
total of £730). No Iru5tees watvcd ¢xp¢ns¢s during the year 12024.. One trnst¢¢ waived expenses of £50).
I'here was one child of a lrnste¢ who ivas ¢mploy¢d by the Trust as an a550ciate duting the year12024.' nill.
18. MOVEMENT IN FUNDS
Bklanre wt
l Ociob¢r
2024
Balance at
30 S¢pt¢mbor
2025
In¢oth¢
Expenditure
Gain51
losses
Transfers
Unrestriefed
General
DesigtJat¢d- Gr0￿h
Fund
I'otsl unrestricted fvnds
405,000
1,675,829
11,768,872)
29,467
196.576
538,00
318,525
(196,5761
121,949
723.525
1,675,%29
{1,768,872)
29,467
659,949
Total futmis
723.525
1,675.X29
(1,768,872)
29.467
659.949
All assets and liabiliti¢s r¢lat¢ to th¢ unr¢5tricted funds.
The putyose of the designaicd fllnd (Growth Fund) is to set asidc Icgacies for funding growth initiatives. This fund J$
unrestricted.
Movement ill funds 2024
Bal#n¢e il
October
20Z3
Balance at
30 Septembtr
2024
Expendltrjre
Galnsl
losses
Transftrs
U￿￿tr1eted
litheral
Designated- Gr0￿h
Fund
Total UttWttiGl¢(J hn(l¥
L,633,823
11,635,903)
37,810
8,920
405,QOO
327,445
18,920}
118,$25
687,795
1,633.823
11.635.903)
37,810
723.525
To131 funds
687,795
1,633,823
{1,635.903}
37,810
723,525
22

THE TITUS TRUST
NOTES TO THE ACCOUNTS
Year ended 30 September 2025
19. ANALYSIS OF ￿'ET ASSETS BETWEEN FUNDS
Tolal 2025
AU Unre$lritted
Tot#1 2024
All Vmre5tricted
Tangible fixed ￿etS
Fixed assel inve5tmetJts
Current ass¢ts
Creditors due within l year
Net assets
117,858
519,914
212.633
(190,456)
659,949
168.664
465,447
278.486
(189,072)
723,525
20.
CASH FLOWS
Reroneiliation of net {expendRture) to wet cash Ikbw from operating Aetivitie$
2025
2024
Net in¢ome/(expenditure) for the year (as per the Ststement of
Financial Activities)
Add back depreciation charge
(Gains}/loss on investmcnts
Investment incorrle
profjt / l.oss on disposal of fjxed asscts
D￿rEaSe]{inCrea$e) in debtors
(Decrea5¢1 In creditors
et cash used in operating activities
163,576)
35.730
79,852
129.467)
117,6541
2,897
7,689
1,384
18.905
{37,810)
(14,576)
177
92,589
61,766
156,781
118.8751
21.
ANALYSIS OF CASH AND CASH EQUIVALENTS
2025
21124
Cash in hand
139,927
198,091
22.
POST BALANCE SHEET EVENTS
During theyear ended 30 September 2025. the trustees r￿e1ved notification of entitlement to a legacy from a former
5UPPOrter. At the balanv sheet date it was not pM)ssible to quantify the amount of the legacy. An intcrim distribution
of £54.900 was r¢ttived in January 2026. the charity expects to re¢¢ive a further distribution within the year ¢nded
30 September 2026.
23